Department of Commerce, Chaudhary Devi Lal University, Sirsa, Haryana, India.
Abstract
UPI popularity in India has progressively increased since its inception in 2016. India Unified Payments Interface (UPI) has already changed the country digital payment ecosystem. The rapid payments platform is now growing into new territories, including France, Sri Lanka, and Mauritius. The research made an effort to outline the UPI usage process in Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the United Arab Emirates. The study explores the main elements influencing the Unified Payment Interface (UPI) widespread adoption. Data for the study were acquired from secondary sources such as research publications, websites, and official sources like the National Payment Corporation of India (NPCI) and the Reserve Bank of India (RBI). The study emphasized the main elements propelling the worldwide expansion of UPI, including legislative backing, expanding international collaborations, and interoperability. The research elucidates that NIPL is vigorously advocating for the international adoption of India’s UPI system, which is establishing novel benchmarks for digital transactions, augmenting citizen empowerment, improving economic prospects, and playing a significant role in India’s growing prominence within the global financial landscape. This study intends to add to the continuing debate about how UPI and other real-time payment systems may transform digital finance, improve stakeholder engagement, and drive equitable economic growth throughout the world.
Keywords: Cross border impact, Global adoption, UPI, Worldwide adoption rate.
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